Andrew McDouall

Directorships
Allied Farmers Ltd

Major Shareholdings

Background

News

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04.12.2001 - NZPA
Departing brokers create a capital opportunity 

A new broking firm looks likely to set up in Wellington next year.                           

Departing Forsyth Barr director Andrew McDouall said yesterday he would be starting his own  
company in the capital in February.                                                          

Mr McDouall, who resigned as director of investment banking at the Wellington brokerage house
of Forsyth Barr last week, said he believed Wellington had room for another broker.          

"With international houses turning their backs on Wellington, there's an opportunity there   
for a new entrant ... the opportunities abound."                                             

Last week, Credit Suisse First Boston said it would close its retail advisory service in New 
Zealand next year, and move its investment banking operation from Wellington to Auckland.    

This year, Merrill Lynch shifted to Australia and closed its Wellington office.              

Mr McDouall said he did not plan to take staff from Forsyth Barr into his new firm, and that 
Forsyth Barr's shareholders would be buying back his 9 per cent stake in the company.        

The broking group had 13 shareholders, all of whom worked for it.                            

Mr McDouall said he had delayed his departure until December 15 because the firm was the     
organising broker of the $200 million notes issue being made by Fonterra.                    

"I have been considering it [resigning] for some time. The timing was important, I wanted to 
get Fonterra out of the way."                                                                

He said it had been an exhausting year, but he was glad he could leave on a high after       
Forsyth Barr's most successful year for capital raising and initial public offerings.        

The firm had been lead or joint-lead manager in six of 13 prospectus issues for initial or   
secondary public debt and equity offerings in the New Zealand market this year.              

Mr McDouall, who is also a director of agricultural firm Allied Farmers, said he would be    
taking a "lengthy family holiday" with his three daughters before he started his new         
business.                                                                                    

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